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Money Transfers from USA to Colombia

Old Nov 22, 22, 2:59 pm
  #1  
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Money Transfers from USA to Colombia

Dear Friends,

I am hoping some here may be in this situation and be able to advise on some possible solutions.

My husband has family in Colombia. He provides financial support for both his elderly parents who live in different cities... including their homes and insurance.

He is finding it very expensive to find ways to transfer money from USD to Colombian pesos. He was just down there and took cash that he "traded" with a relative who wanted USD.

He occasionally can find someone who wants USD and he is able to get money in Colombian pesos by trading.

We try to pay with credit card whenever possible; but find that most insurance companies/other companies will not accept out of country credit card.

Is there anyone else in this type of situation? And do you have any creative (legal) ways to move funds that do not get diluted in currency conversion?

Thank you in advance for any suggestions.

William
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Old Nov 23, 22, 3:54 pm
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Does he still have a bank account or do his parents have access to an account?

Then look at Western Union or Moneygram.
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Old Nov 23, 22, 3:57 pm
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Originally Posted by malagajohn View Post
Does he still have a bank account or do his parents have access to an account?

Then look at Western Union or Moneygram.
He closed his account last week due to tax consequences.
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Old Nov 24, 22, 4:00 am
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I think WU also does cash transfers to potential beneficiaries. The system works well in Argentina. Not sure in Colombia.
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Old Nov 25, 22, 3:17 pm
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WU works well in CO.

Transfer money to the bank accounts of the relatives of your husband seems obvious.
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Old Nov 25, 22, 3:55 pm
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Originally Posted by SK AAR View Post
WU works well in CO.

Transfer money to the bank accounts of the relatives of your husband seems obvious.
Terrible exchange rates
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Old Yesterday, 3:02 am
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I agree. But it works. WU should be used for small amounts or emergency situations only,
Int. bank transfers are cheaper/offer better rates, but is also slower.
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Old Yesterday, 11:41 am
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Between the money changers and the DEA, you simply can't avoid usurious fees and exchange rates. In 15+ years in latin america, I found simply withdrawing local currency at an ATM from my US bank account was the cheapest way. That's probably not ideal for elderly parents. My US bank charges a fixed fee, so you can send a big chunk of money at a low percentage (exclusive of the f/x rate) if you're comfortable with that money sitting in the foreign bank.

Despite globalization and technology and every other modern advancement, international transfers still seem to have 1970's era fees and such. I guess just not a big enough market to create change for those of us who want to send $500 a month to the inlaws. Does WU have any competition?
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Old Yesterday, 5:10 pm
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Originally Posted by SK AAR View Post
I agree. But it works. WU should be used for small amounts or emergency situations only,
Int. bank transfers are cheaper/offer better rates, but is also slower.
+1

I had to send my son a relatively small amount (~ $500) when he was in Cartagena in fall of 2019 and his ATM card was compromised and stopped working. The money transfer was very quick but I took at about a 10% hit on exchange rate.

I regularly do international bank transfers and have found they have gotten much more convenient. A recent one to southern Africa took something like 24 - 36 hours. I remember when they took 3 - 5 business days.
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